Just kidding - but this topic has been discussed before, so try a search and you'll find other users reviews on both T-Racks and Waves. There's also a demo available, so you might want to try that and form your own opinions.

T-Racks is useful if you're going for a closed-in, boxy feel. Waves has its own flavor too, but it's more transparent to me than the T-Racks processors which all kind of sound dark and muddy if you're not careful.

I don't know what T-Racks is going for these days, but if I were you, I'd suggest putting the cash into your front end rather than plugins. How's your mic selection? Have any nice-ish outboard reverbs? Find the weakest link in your chain and strengthen it...that is the only way you'll actually "improve" anything with gear. The rest is up to you.